Well, the answer to that question is neither.  The market today is a very volatile one that just can’t seem to make up its mind. I continue to hear people say “It’s a Buyer’s market. Look at all the properties for sale! Homes are a dime a dozen”. This is a partially true statement. There are many homes on the market right now. But for the market to be considered a “Buyer’s Market” the homes have to be priced correctly and moving off the market quickly. Quickly is a tricky word that can be defined differently depending on who you talk to. When I think of what ‘Quickly’ means I think of less than 3 months. I think that time frame is reasonable and realistic even in today’s market.

Selling your home in today’s market has become more of a reality check than anything else for most sellers.   The first thing that one must do when getting ready to sell their home is to cut all emotional ties. Your home that you may have raised a family in is not your home anymore. It is a house. A marketable commodity. This is by far one of the hardest things to do when selling. If you, as a seller, can accomplish this then you are one step ahead of the competition. The next, if not equally, important thing is the listing price that is agreed upon between you and your REALTOR. This price is determined by analyzing all homes that have sold in the area that are similar to yours over the last 6 months to a year. That is the only formula. There may be some extenuating circumstances depending on any features that may make your house unique from the rest, but for the most part the CMA is what should ultimately determine the sales price. Not what homes were selling for two years ago, or what you think that it should be worth. This is where the reality check comes in. The days of listing it high because you can always come down are gone. Price it right out of the gate and it will sell! 

There are many mistakes you can make when hiring a REALTOR.  Just like the amount of homes that are on the market, REALTORS are a dime a dozen. It is your responsibility as a consumer to do your due diligence. Do not just hire the first person that you see on the internet or in the paper. You’re not going to hire just anyone to babysit your kids. The same philosophy applies to hiring a REALTOR. They are not all the same and they are not created equal. Interview them just as if they are applying for a job. First and foremost you want a REALTOR that is still doing real estate full time. That in it of itself is a good indicator that he/she has, and continues, to be successful even in these tough times. Ask them for a rundown of how many homes they have listed over the last 2 years and how many sold and in what time frame. A good REALTOR will have the comps all ready to present to you by the time they arrive at the listing appointment. Ask them what their marketing plan consists of. What kind of internet presence do they have so they can market your house globally? Will they provide a virtual tour of the property?   Will they do any open houses? Ask about their experience with staging homes. Staging a home is a very specific skill that takes time and patience. This one factor can make the difference of whether your house sells or not. REALTORS are not in the habit of wasting money. A good test is to try and set the price of the home higher than what the comps suggest. A good REALTOR will, under normal circumstances, stand firm on what the home is worth. Keep in mind that they are spending their money in advertising and marketing for your home. A good REALTOR is not so inclined to do this for a home that is overpriced with little chance of selling. On the same token though, do not let the home be underpriced. Some REALTORS are looking for the quick buck. Let the comps set your sales price. Lastly, share your ideas and communicate with your REALTOR often. Ask questions and ask for updates on showings and any/all feedback they may have received from them. If they can’t provide the information you need or do not seem responsive to your needs, fire them! 

I post this as an educational service to the consumer.  Anyone getting ready to sell.  There have been many posts on different blogs on the internet over the last 6 months or so that really bash REALTORS.  Grouping us all together as dishonest and shady.  In it to make a quick buck.  I am a REALTOR fulltime and love my job very much.  Everything that I have written above is what I practice and preach.  This allows me to stand out from the rest in my area.  There are very good REALTORS out there that will do everything right and by the code.  The code of ethics that is.  You just have to find them.... 

 

 

 

Annie Maloney

Affiliate Broker

Century 21 MVP

Sevierville, TN

www.anniemaloney.com